Japanese firm says it will buy Uber stock at $32.96 a share

SoftBank Group Corp. took a key step forward in its planned multibillion-dollar investment in Uber Technologies Inc. by providing existing shareholders in the ride-hailing giant with details of its offer to buy shares from them at a roughly 32% discount to Uber’s most recent valuation.

Late Tuesday, the Japanese company told Uber shareholders it would seek to buy shares for $32.96 each, compared with $48.77 in Uber’s last funding round in June 2016, according to a person familiar with the matter. That discount is in line with...